Service sector activity "improved overall in May," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index surged to positive 11 in May, from negative 9 in April, while the number of employees index narrowed to negative 5 from negative 10, the average wage index climbed to 18 from 11, and the expected product demand during the next six months index grew to 17 from 11.

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